Description

Author: Cheryl R. Cooper, Analyst in Financial Economics

Release Date: 2/28/2019

Number of Pages: 4

Price: $5.99

On February 6, 2019, the Bureau of Consumer Financial Protection (CFPB) released a new Notice of Proposed Rulemaking for Payday, Vehicle Title, and Certain High-Cost Installment Loans. The proposal would rescind a significant part of a 2017 final rule that requires small-dollar, short-term lenders to determine a consumer’s ability to repay before issuing a new loan. This new, controversial proposal has received congressional supportand opposition.